The European Bank for Reconstruction and Development (EBRD) said on June 29 that it is providing an €88.3mn loan to the Istanbul Metropolitan Municipality to finance a 13 km expansion of the city’s metro network.

Istanbul, Turkey’s largest city, is expected to overtake Greater London and Greater Moscow as the most populous urban agglomeration by 2018, according to the development bank.

The Istanbul Metropolitan Municipality aims to expand the existing 145 km metro network to 450 km by 2019 and 650 km by 2030.

“As part of this ambitious urban development plan, the city is building the Atakoy Ikitelli Metro Line in the European part of Istanbul,” the EBRD said in a statement. The line will be 13.4 km long with 12 stations and will connect western Istanbul from north to south, linking six main lines of the city’s public transport system.

The new line is expected to go into service in 2019.

The total project cost is €338.3mn to which the European Investment Bank is contributing parallel financing of €250mn. The EBRD and EIB loans will finance civil works and electro-mechanical installations.

"The city urgently needs a larger public transport network to continue fuelling the growing economy and keep its increasing population on the move," EBRD managing director for Turkey Jean-Patrick Marquet said.

He added: "Following the successful launch of the Eurasia Tunnel under the Bosphorus straits [last year], financed by both the EBRD and the EIB, we are pleased to continue working together to deliver financing for this new prestigious project which will make a real difference to this metropolis.” 

The Istanbul regional economy accounts for over one-quarter of Turkey’s economy, according to Marguet.